WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) spoke as part of a panel discussion convened by Financial Services Committee Ranking Member Maxine Waters on the importance of reauthorizing the Export-Import Bank. Below is a copy of his remarks as prepared for delivery:

“Thank you, Ranking Member Waters, for inviting me to address the panel this afternoon, and I want to thank Ranking Member Lacy Clay of the Monetary Policy and Trade Subcommittee as well. I appreciate this Subcommittee’s focus on reauthorizing the Export-Import Bank. I also want to recognize Rep. Denny Heck of Washington, who has been working hard to make sure that businesses in his state and across the country have the tools they need to compete in overseas markets.

“The Export-Import Bank helps create jobs, expand manufacturing, and make our economy more competitive. Last year, the Export-Import Bank financed $47 billion in export sales and helped 2,764 businesses. 2,156 of those were small businesses, many of which would have had difficulty accessing private export financing. The Export-Import Bank fills that gap and helps American businesses compete overseas and access new markets.

“The Bank is a win-win-win for expanding exports, supporting job growth, and reducing the federal deficit, which is why efforts to reauthorize it have received strong, bipartisan support in Congress. The Bank’s authorization expires on September 30, 2014, so it is essential that Congress move forward with reauthorization quickly. Promoting U.S. exports is one of the core components of House Democrats’ Make It In America plan for jobs and competitiveness, and it is a critical avenue for ensuring that our private sector can facilitate expansion and job creation over the long-term.

“I want to thank you again, Ranking Member Waters, for making this issue a priority for Democrats on the Financial Services Committee.”